REDEVELOPMENT OPPORTUNITY | Multifamily 3569 Chesapeake Avenue, Los Angeles, CA 90016
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REDEVELOPMENT OPPORTUNITY | Multifamily 3569 Chesapeake Avenue, Los Angeles, CA 90016 RYAN O’CONNOR Lee & Associates - LA North/Ventura 818.444.4965 | [email protected] BRE Lic # 01931694 CORP ID #01191898 3569 CHESAPEAKE3569 AVENUE TABLE OF CONTENTS PROPERTY DESCRIPTION ..................................................................................3-10 LOCATION OVERVIEW ...................................................................................... 11-17 BROKER RESUME .............................................................................................18-19 2 Redevelopment Opportunity | MULTIFAMILY 3569 Chesapeake Avenue, Los Angeles, CA 90016 CHESAPEAKE3569 AVENUE PROPERTY DESCRIPTION 3 3569 CHESAPEAKE3569 AVENUE PROPERTY DESCRIPTION Portfolio Overview Key Investment Features Address: 3569 Chesapeake Avenue • Rare Tier 3 TOC Development Opportunity: 70% Density Los Angeles, CA 90016 Bonus Plus Other Development Incentives Price: $1,180,000 • Up and Coming West Adams Location: Adjacent to the Booming Tech Hub of Culver City APN: 5046-014-011 • Ease of Transportation: Nearby 405, 10, and 110 Freeways Units: 3 Unit Mix: 2(2+1, 1(1+1) • 3 minute Walk to Farmdale Metro Station along the Expo Line: 2 Stops from Downtown Culver City, and just 7 stops Year Built: 1944 from Santa Monica and Downtown Los Angeles Building Size: 2,212 SF • Adjacent Properties will also entertain selling and/or JV opportunity. (Contact agent for more details) Lot Size: 7,165 SF Zoning: R3-1 TOC Program: Tier 3-eligible for up to 70% density bonus (Contact agent for more details regarding TOC Program) Rent Roll UNIT TYPE RATE 1 2+1 $2,125 2 2+1 $1,600 3 1+1 $1,000 4 Redevelopment Opportunity | MULTIFAMILY 3569 Chesapeake Avenue, Los Angeles, CA 90016 PROPERTY DESCRIPTION Overview PROPERTY DESCRIPTION 3569 Chesapeake Avenue is a Tier 3 TOC development opportunity to build a brand new multifamily property of up to 16-units located in the West Adams neighborhood of Los Angeles, California. The property is currently operating as a triplex offering an investor existing income while going through the entitlement process, or for an investor to hold as an existing triplex in a great and improving location. 3569 Chesapeake Avenue is a 7,165.5 square foot R3-1 lot located on the southwest corner of Chesapeake Avenue and Rodeo Road. LOCATION INFORMATION The subject property is located in a very densely populated area of Los Angeles in an up and coming neighborhood. The location offers for ease of transportation as it is located nearby the 405, 10, and 110 freeways. The property is also less than 800 feet (less than 3 minute walk) from the Farmdale Station of the Metro Expo Line. The West Adams neighborhood of Los Angeles is centrally located to Culver City and the Beach Cities, such as Santa Monica and Venice, as well as Downtown Los Angeles and Beverly Hills. The Farmdale Station is just 2 stops from Downtown Culver City, 7 stops from Santa Monica, and 7 stops from Downtown Los Angeles along the Expo Line. 3569 CHESAPEAKEAVENUE 3569 5 Lee & Associates® - LA North/Ventura • 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 • 818.986.9800 • Corp ID #01191898 No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 3569 CHESAPEAKE3569 AVENUE PROPERTY DESCRIPTION Transit Oriented Communites (TOC) THE TRANSIT ORIENTED COMMUNITIES AFFORDABLE HOUSING INVENTIVE PROGRAM (TOC PROGRAM) The Transit Oriented Communities Affordable Housing Inventive Program (TOC Program) has the primary objective to facilitate the development of mixed-income and affordable housing in transit areas. In 2017, Los Angeles overwhelmingly voted in support of Measure JJJ. The Measure instituted new labor and affordable housing requirements for projects that receive certain planning entitlements – namely, general plan amendments or zone changes. In exchange, developers are required to designate a percentage of either condos or apartment units for low-income tenants. Section 6 of Measure JJJ instructed the Department of City Planning to create the TOC Program, a new transit-based affordable housing incentive program. The measure requires that the Department establish incentives for residential or mixed-use projects located within ½ mile of a major transit stop. The TOC incentives align with the City’s General Plan policies to encourage housing around transit-rich centers as a way to grow sustainably, advance housing affordability and maximize the regions investment in transit infrastructure. Approximately 22% of the City’s zoned land falls within ½ mile of a major transit stop. However, since much of this land is zoned for low residential (i.e. R1, R2, or RA zones) or uses that do not permit housing to be built (P, PF, or M zones), the amount of developable land subject to the TOC Program is reduced to approximately 10%. In addition, more than three-quarters of the impacted land is located in the lower tiers 1 and 2. The TOC program establishes a tier-based system with varying development bonuses and incentives based on a project’s distance from different types of transit. The largest bonuses are reserved for those areas in the closest proximity to significant rail stops or the intersection of major bus rapid transit lines. Required affordability levels are increased incrementally in each higher tier. 6 Redevelopment Opportunity | MULTIFAMILY 3569 Chesapeake Avenue, Los Angeles, CA 90016 PROPERTY DESCRIPTION Aerial 3569 CHESAPEAKEAVENUE 3569 7 Lee & Associates® - LA North/Ventura • 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 • 818.986.9800 • Corp ID #01191898 No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 3569 CHESAPEAKE3569 AVENUE PROPERTY DESCRIPTION Parcel Map 8 Redevelopment Opportunity | MULTIFAMILY 3569 Chesapeake Avenue, Los Angeles, CA 90016 PROPERTY DESCRIPTION Location Map 3569 CHESAPEAKEAVENUE 3569 9 Lee & Associates® - LA North/Ventura • 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 • 818.986.9800 • Corp ID #01191898 No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 3569 CHESAPEAKE3569 AVENUE PROPERTY DESCRIPTION Metro Station Nearby 10 Redevelopment Opportunity | MULTIFAMILY 3569 Chesapeake Avenue, Los Angeles, CA 90016 CHESAPEAKE3569 AVENUE LOCATION OVERVIEW 11 3569 CHESAPEAKE3569 AVENUE LOCATION OVERVIEW Expo/Farmdale Metro Station Subject property is located .02 miles (about a 5 minuite walk) to nearby Farmdale Metro Station along the Expo Line, providing residents with short commute times and ease of access to Santa Monica, Downtown Los Angeles, and all of Greater Los Angeles. Expo Line service hours are approximately from 4 AM to 12:30 AM daily. Subject Property 12 Redevelopment Opportunity | MULTIFAMILY 3569 Chesapeake Avenue, Los Angeles, CA 90016 LOCATION OVERVIEW Amenities Aerial 3569 CHESAPEAKEAVENUE 3569 13 Lee & Associates® - LA North/Ventura • 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 • 818.986.9800 • Corp ID #01191898 No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 3569 CHESAPEAKE3569 AVENUE LOCATION OVERVIEW West Adams West Adams is an iconic neighborhood of Los Angeles bordered by Mid-City to the north, Baldwin Hills/Crenshaw to the south; Jefferson Park to the east and Palms/Culver City to the west. Historic West Adams dates from the 1880s while most of the neighborhood was developed beginning in the 1920s. But another transition is now underway driven by the completion of the Expo line extension which offers residents easy access to downtown Los Angeles, USC, Westwood, Culver City and Santa Monica, among other destinations. Just a short walk from the Subject Property, the Farmdale Station of the Expo Line carries commuters to business centers such as Downtown Los Angeles; residents to entertainment venues including Staples and the Shrine Auditorium; it carries students to USC and surfers to the Pacific Ocean. The opening of the Metro station along with rising prices in neighboring Culver City have opened West Adams to gentrification, and the community is quickly becoming “ground zero for cutting edge, trailblazing, artistic entrepreneurs on South L.A.’s Westside,” according to LA Weekly. The neighborhood also has significant infrastructure for families including Dorsey High School, Rancho Cienega Recreation Center with facilities for just about every sport and programs for youth and adults, and Baldwin Hills Scenic Overlook, a 58-acre park with trails that overlook panoramic views of Los Angeles. West Adams was ranked ninth of the Ten Most Competitive Markets for home sales by Redfin after seeing a bigger drop in inventory than most of Los Angeles over an 18-month period. 14 Redevelopment Opportunity | MULTIFAMILY 3569 Chesapeake Avenue, Los Angeles, CA 90016 LOCATION OVERVIEW West Adams DEVELOPMENT HAS SKYROCKETED Carmel Partners is developing an 11-acre site into a mixed-use complex called Cumulus. The project, designed by TCA Architects, includes a seven- story podium building, about 1,200 residential units and 100,000 square feet of retail. A 30-story tower designed by Solomon Cordwell Buenz is also planned at the site, located just north